A renewable energy development company started by an Idaho entrepreneur will be bought by Atlantic Power Corp. for $88 million.
Ridgeline Energy Holdings Inc. has two Idaho wind projects in operation and a third expected to come on line by the end of the year. These projects alone represent a billion dollars in capital investment in Idaho.
Ridgeline was started by Rich Rayhill of Boise and Steve Voorhees of Seattle in 2002. They sold it to Veolia Environnement, a French company.
Together the Ridgeline wind projects will produce 150 megawatts. It also has more than 20 wind and solar projects in the development pipeline in the U.S. that total 1,000 megawatts.
Atlantic Power president and CEO Barry Welch said in a press release the three wind projects have 20-year and 25-year power purchase agreements and are expected to generate $9 to $12 million of operating cash flow a year starting in 2013. I remember when Rayhill was a solitary man walking the halls of the Idaho Capitol in 2003 trying to convince lawmakers to pass a sales tax exemption so he could develop wind projects in Idaho instead of others states.
Atlantic Power sells electricity to utilities and other large commercial customers under long-term power purchase agreements. It has interests in 30 operational power plants in 11 states and two provinces that can generate 2,117 megawatt. It also has a 100 mile, high power transmission line in California, a 53-megawatt biomass project under construction in Georgia and a 300-megawatt wind project under construction in Oklahoma.